Takeover Panel’s Response Statement: Post-Offer Undertakings And Intention Statements

On 23 December 2014 the Panel published a response statement to its consultation on post-offer undertakings ("POUs") and post-offer intention statements (PCP 2014/2) which was discussed in the October 2014 edition of this newsletter. The majority of the proposed changes were adopted; however certain of these amendments have been modified in their final form.

Modified proposals include the following:

• The definitions of "post-offer undertaking" and "post offer intention statement" have been clarified; only POUs and intention statements published by a party to an offer come under the ambit of the new framework (whereas private statements published by a third party do not).
• Note 1(b) has been added to Rule 19.7. This states that the Panel must be consulted in advance by a party proposing to commit to take (or not to take) a specific course of action, made otherwise than by a POU, after an offer period expires. The Panel will then weigh up whether the